The expanding residential solar PV industry, rising electricity costs,
reduction in system costs, and preference toward the use of clean and
locally generated electricity for more energy independence, are some of
the factors driving the residential energy storage market. Evolving
business models and involvement of utilities in residential energy
storage space is expected to further enhance the adoption of residential
energy storage systems (RESS).

Over the past decade, solar photovoltaic (PV) power has experienced
dramatic deployment growth, coupled with substantial decreases in system
prices. Battery storage systems are increasingly being combined with
residential solar PV installations because of their ability to make
solar dispatchable by supplying stored electricity at later times of the
day, when it would be more economical to do so.

In the RESS market, Asia-Pacific holds the majority share in terms of
revenue. Australia, Japan, China, and India are the key regions, and
they are likely to exhibit immense growth potential over the forecast
period. Japan is one of the leading countries in terms of renewable
energy integration. The country is promoting installation of batteries
in homes by providing various incentives.

In India, several key factors are driving the market for energy storage,
perhaps most notably, the ambitious National Solar Mission. In 2014,
Prime Minister Narendra Modi announced a national target to install 100
GW of solar PV capacity by 2022, which would make the country one of the
largest solar power markets in the world.